Published on February 7th, 2014 | by Zachary Shahan0
Crowdfinancing Solar Loans In Connecticut — 21st Century, We’re Hear!
Mosaic (formerly “Solar Mosaic”) has taken another step towards facilitation of a crowdfinanced rooftop revolution. In coordination with the Clean Energy Finance and Investment Authority (“Connecticut’s green bank”) and Sungage Financial, (“a platform that enables homeowners to efficiently apply, qualify, and contract for solar financing”), Mosaic is enabling up to $5 million of crowdsourced solar loans.
However, all the credit doesn’t go to Mosaic, of course. Sungage Financial reportedly designed this first-of-its-kind loan program, a program which guarantees system performance. Additionally, CEFIA has invested the initial $5 million.
Similar to how Mosaic crowdsources financing for larger solar projects in other states, “Investments in the loan pool will be offered to investors at www.joinmosaic.com with a 15-year term and yields of approximately 5 percent to accredited investors,” a news release states.
Sylvain Mansier, CFO and co-founder of Sungage Financial, said: “This partnership is creating an entirely new ecosystem for solar financing in which individuals can take part in and benefit from home solar installations. This new loan product represents the next generation of solar financing and Sungage Financial is thrilled to be partnering with CEFIA, Hampshire Foundation, and Mosaic to help homeowners save more through solar ownership.”
Exciting. Crowdsourcing financing for residential solar. What’s next?